Team-BHP - Automobile Insurance Queries? Ask me

Quote:

Originally Posted by ghodlur

Try the ICICI Lombard website for an online quote and see it matches with the one given by agent. Verify how much discount on OD premium are you getting. If you are preferring zero dep, then I suggest look for other insurance quotes too.

And sorry to point out it is "Lakhs" and not lacks.

Thanks Godhur,
I will try the website soon and update the thread for expert consideration.
Yeah I saw that lacs thingy too, but those are from call centre gals at the agent, they are not too well versed with english but an earnest effort from them.

Quote:

Originally Posted by F50

Yes it is! My bad. You can wait for Tata AIG or other company' quote for Zero Dep if your due date is not near. (Tata AIG should be a higher side, i feel)

@ ghodlur - I think 45% commercial discount + 20% NCB is good enough.

The policy expires on 19 June 12, thus I have ample time but the calls have started to buzz.

Here is a renewal quote from Tata AIG for my 6 yrs old Honda City. Can the gurus comment on the offer.

Coverage Package

Vehicle Value 2,90,674

Third Party(including PD, if opted) 925
Own Damage 3,241
Personal Accident 250
PA Coverage for Owner-Driver 100
50% Bonus / 0

(Including Service Tax)
Amount Payable (Rs.) 5074.00

What other decent places can I shop around for a better offer considering this will be my last yr with this vehicle and I am not interested to pay for any add-ons.

Quote:

Originally Posted by F50 (Post 2784539)

It is true and not any scam. This norm was issued sometime back.

Some companies are already charging depreciation on paint and some would start soon. Bajaj Allianz is charging depreciation on paint whereas Future Generali is not but they will start doing soon.

What you mean is:- It is true and it is a scam!

I'm just astonished by this. I really don't think that insurers in other countries would get away with it :Frustrati

Quote:

Originally Posted by Thad E Ginathom (Post 2785802)

What you mean is:- It is true and it is a scam!

I'm just astonished by this. I really don't think that insurers in other countries would get away with it :Frustrati

No Sir, it is not a scam. Now there is depreciation charged on paint. This rule was passed sometime back but not all the companies are following it as of now.

P.S - I like your signature :)

My point is that this charging of "depreciation" is unfair to the extent that it amounts to a scam.

How can there be depreciation on plastics that are made to last as long as the rest of the car? How can there be depreciation on the paint, which is made to last as long as the rest of the car?

Depreciation can be fairly applied against the whole car, because of course it looses its value over time, as anybody who has ever sold one knows. Thus, it's insured value falls each year, and nobody expects an insurance company to replace a five-yr-old with a brand-new car. Applied to any part of the car, unless that part is known to be short-lived, it is a nonsense. Just an excuse to pay out less.

We are small: Insurance companies are huge, multinational maybe. We can do nothing --- I am micturating into the wind (hope the mods allow that expression ;)) and I know it, but, at least we can have a rant about ripped off!

(that old Compaq keyboard is getting hot!)

.

My City's Insurance is up for renewal next month. The car will turn 3.

Bajaj Allianz has mentioned a quote of ~10k for normal policy and ~13k for zero-dep.

Are these quotes fine?

Another thing : the agent mentioned that both their policies would cover 100% glass, bumpers, plastics. I knew about glass being covered by thought bumpers/plastics weren't covered. So, is there anything that I need to look out for? She said that nuts would be charged 50% though.

Kindly advice.

Quote:

Originally Posted by mukeshgoel (Post 2760280)

Hi guys.

I am buying a used car and the car will be delivered to me in last week of May.

The insurance is going to expire almost at the same time. So, my question is, how should I renew the insurance?

Should I ask the seller to get it renewed and I pay him the actual charges and later get the insurance transfer in my name?

Otherwise If I get the car, transfer the RC and then get the insurance in my name, there will be a gap between current and new insurance policy.

Please suggest.

Edit: There is no NCB involved.

Quote:

Originally Posted by ghodlur (Post 2760686)

This is the most appropriate way to get the Insurance done. You would want to use the car without any Insurance if you try the second option.

Quote:

Originally Posted by F50 (Post 2760730)

Option 1 is the best. Ask him to renew include it in the price.

Option 2 might put you in trouble. In case of accident, you'll be left with no policy to claim from. Though in previous owners name, the policy is active and you can claim from it.
I have seen plenty of cases like this in Team-Bhp itself, where the car/bike met with an accident and the policy was active in previous owners name they were able to claim from it.

Just want to share to that I got a third option (best) from the insurance agent after giving him the photocopy of Sale documents, I got the insurance done directly in my name without even transferring the RC which is due to be done next week.

For the records:

* Car sale date: 24th May, 2012.
* Insurance expiring on 26th May, 2012.
* Insurance renewed on: 25th May, 2012 directly in my name.

Quote:

Originally Posted by mukeshgoel (Post 2789544)

Did he show Letter of Sale and Form 29 & 30 to show the vehicle is now owned by you.

Is it possible?
I want to sell my Innova now, but do not want to give away my Insurance as it has NCB along with it. So want to use it for my Next Car. Now the issue is, next car I want to buy in gap of 4-5 months. So the question is, can I hold my Innova insurance for that long and use it for new car after 4-5 months.

Does it make sense or sell Innova with Insurance? Will I save some bucks like that or not?

Quote:

Originally Posted by sam003 (Post 2792096)

Check with your insurance company. IIRC, the NCB certificate is valid for 1 year or remaining insurance period, whichever is lesser.

My vehicle insurance is due next month. This is going to be my second year of ownership of a Vento TDI HL. In my previous year, I had taken the Pearl Add-on package of Tata AIG with 0% depreciation. I wish to continue the same and have been quoted 25k as the all inclusive amount for the renewal (including the NCB). Here is the breakup --

IDV: 812693.6
Base premium (vehicle+non-electrical accessories): Rs. 19585.92
Less 20.00% for NCB: -3917.18
Depreciation Reimbursement: 3169.51
Loss of personal belongings: 110
Emergency transport and hotel expenses: 110
Key Replacement: 265
TOTAL LIABILITY PREMIUM: 3003.0
TOTAL PREMIUM: 25086.0

Does this sound fair?

I am about to finalize the policy renewal for my City (June '10, currently with Bajaj Allianz).

Now I was checking the quotes on policybazaar (Considering a comprehensive policy); HDFC and Bharti AXA are within a few hundred rupees of each other (~Rs. 13800) followed by Iffco Tokio and Bajaj Allianz.

1) Now among the advantages of HDFC Ergo is Online Claim Tracking while the rest have 24X7 Claim Support. Does it mean, the others are more convenient?

2) The HDFC policy has a basic premium of ~Rs. 16k and no discount while the others have a basic premium of ~Rs. 19k and then a Rs. 3k discount. Any particular reason, advantage/disadvantage of this?

3) The executive from policybazaar suggested HDFC Ergo or Bharti AXA for a comprehensive policy and Bharti AXA or Tata AIG should I decide for a zero-dep. I know they have their own commissions to think about but is the preference a general opinion?

I'd appreciate your views.